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Real estate rates after gst

Naredco President Parveen Jain said the effective rate will be 12 percent after the abatement for land value.New Delhi: The effective GST rate on under- construction real estate projects will be 12 per cent only and not 18 per cent as there will be abatement for land cost, according to online contest in india tax consultant."The government has said that a detailed return need not be filed by traders/businessmen only a summary return would suffice said Ghosh.There is no input tax set off available for the stamp duty paid for the land, and this goes against the basic concept of GST.It had also sought exemption from Goods and Services Tax (GST to be rolled out from July 1, to affordable housing which has gained momentum after getting infrastructure status and interest subsidy).All this will change when developers are forced to define in writing what they will give to the homebuyers and by when it will be provided."In many countries where GST has been implemented, it includes immovable properties as well says Satish.On the other hand, the total cost to the end consumer may change slightly depending on the actual specifications, location and other details of the project.Easier redressal of taxation issues: Post-GST, some tax issues will become easier to handle as there would be no overlapping jurisdiction between the Centre and states with regards to levies on services and goods.PTI Updated: Jun 30, 2017, 20:07 PM IST.To bridge the gap between the government, developers and consumers, Magicbricks organised an event 'Real Estate - The rera and GST Era' in New Delhi recently.The government has also allowed deduction of land value equivalent to one-third of the total amount charged by a developer, thus, making the effective tax rate.If a customer wants to buy a real estate product on July 1, what should I tell him?Hopefully, it will be addressed by various state governments shortly.Should I tell him that I am selling you my real estate but the actual price will be revealed after 3 to 6 months, when I get my ITC details asks Kapoor.Realtors' body credai President Jaxay Shah also said that the effective GST rate would remain at 12 percent and assured that as per the law, the developers would pass on the benefits of input tax credit to home buyers.However, Satish adds that new issues related to classification, composite and mixed supplies, ITC etc can crop.For a long time, many developers followed the business model whereby profit was made by shortchanging customers, constructing houses illegally and using customers' money without returning any value to them.Teething issues inevitable: Deepak Kapoor of Gulshan Homez said multiplicity of rates in the previous regime had created a lot of confusion."This confusion is mis-placed as there is an abatement of one-third for the value of land when you apply the rate of 18 percent; which makes the effective GST rate 12 percent only said Abhishek Jain, Tax Partner,."Teething issues, inflationary pressures and certain short-term adverse impact will make compliance difficult in the first 12-15 months.Earlier, the value of land was to be included in the amount on which tax was to be calculated.Transition period a pain for developers, consumers: Kapoor added that making real estate transactions in the transition period will lead to ambiguity on how will ITC be calculated when the new law kicks.No warranties, guarantees, promises and/or representations of any kind, express or implied, are given as to (a) the nature, standard, quality, reliability, accuracy or otherwise of the information and views provided in (and other contents of) the articles or (b) the suitability, applicability or otherwise.The option of selling apartments without approvals is no longer available, and the capital requirements (for developers) will also.Of course, all this would be excellent news for homebuyers.Stamp duty and property tax to eventually be subsumed: Stamp duty and registration charges are outside the ambit of GST now because these are state levies while property tax is a municipal levy.